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<ul><li><p>CONDENSED UNAUDITED INTERIM GROUP</p><p>FINANCIALSTATEMENTS</p></li><li><p>CO</p><p>ND</p><p>ENSE</p><p>D U</p><p>NA</p><p>UD</p><p>ITED</p><p> INTE</p><p>RIM</p><p> GRO</p><p>UP </p><p>FIN</p><p>AN</p><p>CIA</p><p>L ST</p><p>ATEM</p><p>ENTS</p><p> for t</p><p>he 6</p><p> mon</p><p>th p</p><p>erio</p><p>d en</p><p>ded </p><p>31 D</p><p>ecem</p><p>ber 2</p><p>011</p><p>REVENUE AND EBIT % PER HALF YEAR</p><p>50 000</p><p>40 000</p><p>30 000</p><p>20 000</p><p>10 000</p><p>0</p><p>H108 H208 H109 H209 H110 H210 H111 H211 4m11 H112</p><p>60 000</p><p>SDT ONZ Acczone</p><p>50 000</p><p>40 000</p><p>30 000</p><p>20 000</p><p>10 000</p><p>0</p><p>H1 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 2011 4M H1 2012</p><p>60 000</p><p>Revenue EBIT margin</p><p>REVENUE PER HALF YEAR PER COMPANY</p></li><li><p>CO</p><p>ND</p><p>ENSE</p><p>D U</p><p>NA</p><p>UD</p><p>ITED</p><p> INTE</p><p>RIM</p><p> GRO</p><p>UP </p><p>FIN</p><p>AN</p><p>CIA</p><p>L ST</p><p>ATEM</p><p>ENTS</p><p> for t</p><p>he 6</p><p> mon</p><p>th p</p><p>erio</p><p>d en</p><p>ded </p><p>31 D</p><p>ecem</p><p>ber 2</p><p>011</p><p>1</p><p>GROUP PROFILESilverBridge offers clients in the financial services industry reliable solutions that aim to simplify their operations by enabling and improving their business processes. We achieve this by implementing our system platforms and customising them to meet client needs. The valuable experience we have gained through our existing African footprint and strategic partnerships, positions us well to take advantage of opportunities while making life insurance simpler.</p><p>Exergy is our flagship platform that enables core back office policy administration in the life assurance industry. The broader Exergy solution package has specific applications which can be customised to suit the needs of a long-term insurer. We use solution design to address more than just customisation of existing products and contract information - it allows our clients to drive their strategic business objectives efficiently. Our approach is to identify and define strategic customer business objectives, translate those to IT requirements and to implement winning, long-term solutions. </p><p>SilverBridge Holdings Limited and SilverBridge Software Solutions (Proprietary) Limited are jointly branded as SilverBridge.</p><p>FINANCIAL HIGHLIGHTSThe Group has changed its year end to 30 June to be more closely aligned to the natural selling and delivery cycles of the business and to facilitate more efficient planning and budgeting processes. This is the first time the Group is reporting six month interim results for a period ending on 31 December. Comparative numbers are the last reported interim results for the six months period ending 31 August 2010.</p><p>SilverBridge has improved its results in the last six months and reported a profit, compared to the loss for the sixteen month period ended June 2011. This indicates the beginning of a turnaround after the consolidation integration, exiting of loss making projects and refocusing on the core business of software solutions for the life insurance industry. Costs have been reduced and revenue as well as the quality of revenue has improved. We have grown our annuity revenue base and reduced research and development costs. Despite the improvements, margins are still under pressure as SilverBridge adapts to providing services within the Tier 1 market.</p><p>OPERATIONAL HIGHLIGHTS We are pleased to report that we have secured Nedgroup Life as a client, following a solution design consulting project. We will be replacing their life policy administration platform over the next 3 years. The Absa implementation is progressing well. We also implemented our standardised offering, Exergy2Go, for another two new smaller clients in a matter of weeks and they are currently customising it to meet their requirements under our guidance.</p><p>We are doing business in a highly complex environment. Our operational focus had been and continues to be:</p><p>- On creating efficiency tools and making implementations less complex</p><p>- On improving end to end implementation and support processes to improve quality</p><p>- Adapting to dealing with Tier 1 clients</p><p>CONDENSED UNAUDITED INTERIM GROUP FINANCIAL STATEMENTSfor the 6 month period 31 December 2011</p></li><li><p>CO</p><p>ND</p><p>ENSE</p><p>D U</p><p>NA</p><p>UD</p><p>ITED</p><p> INTE</p><p>RIM</p><p> GRO</p><p>UP </p><p>FIN</p><p>AN</p><p>CIA</p><p>L ST</p><p>ATEM</p><p>ENTS</p><p> for t</p><p>he 6</p><p> mon</p><p>th p</p><p>erio</p><p>d en</p><p>ded </p><p>31 D</p><p>ecem</p><p>ber 2</p><p>011</p><p>2</p><p> Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 December 31 August 30 June Percentage 2011 2010 2011 Change R000 R000 R000 %Revenue 47 578 52 162 121 042 (9%)Other income 481 55 1 074 Operating expenses (44 956) (50 664) (125 120) (11%)Operating profit/(loss) 3 103 1 553 (3 004) 100%Impairment loss recognised on intangible assets - - (27 689) Loss on sale of associate (76) - - Fair value adjustment - - 11 737 Finance income 81 435 396 Finance expense (36) (1) (14) Share of loss in associate - - (34) Profit/(loss) before taxation 3 072 1 987 (18 608) 55%Taxation (1 012) (9) (5 656) Profit/(loss) and total comprehensive income for the period 2 060 1 978 (24 264) 4%</p><p>Net profit/(loss) and total comprehensive income attributable to:Equity holders of the parent 2 060 1 136 (24 782) 81%Non-controlling interest - 842 518 (100%) 2 060 1 978 (24 264) 4%</p><p>Number of shares in issue (000) 34 675 34 675 34 675 0%Weighted average number of shares in issue (000) 34 675 34 675 34 675 0%Diluted weighted average number of shares (000) Basic earnings/(loss) per share (cents) 5.9 3.3 (71.5) 79%Headline earnings per share (cents) 6.1 3.3 8.5 85%Diluted earnings/(loss) per share (cents) 5.5 3.2 (71.5) 72%Diluted headline earnings per share (cents) 5.6 3.2 8.5 75%</p><p>Reconciliation of headline and diluted headline earnings Basic and diluted earnings/(loss) 2 060 1 136 (24 782) Impairment of goodwill - - 27 689 Adjusted for (gain)/loss on disposal of equipment (11) - 36 Adjusted for loss on disposal of associate 76 Headline and diluted headline earnings 2 125 1 136 2 943 87%</p><p>UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the 6 month period ending 31 December 2011</p></li><li><p>CO</p><p>ND</p><p>ENSE</p><p>D U</p><p>NA</p><p>UD</p><p>ITED</p><p> INTE</p><p>RIM</p><p> GRO</p><p>UP </p><p>FIN</p><p>AN</p><p>CIA</p><p>L ST</p><p>ATEM</p><p>ENTS</p><p> for t</p><p>he 6</p><p> mon</p><p>th p</p><p>erio</p><p>d en</p><p>ded </p><p>31 D</p><p>ecem</p><p>ber 2</p><p>011</p><p>3</p><p>UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONas at 31 December 2011</p><p> Unaudited Unaudited Audited as at as at as at 31 December 31 August 30 June 2011 2010 2011 Notes R000 R000 R000ASSETSNon-Current AssetsEquipment 2 722 3 068 2 435Intangible assets 13 293 29 766 14 103Investment in associate - 110 76Deferred tax assets - 4 432 792Total Non-Current Assets 16 015 37 376 17 406Current AssetsIncome tax receivable 1.2 6 122 5 804 5 548Revenue recognised not yet invoiced 1.3 1 316 8 799 530Trade and other receivables 10 029 16 231 11 450Cash and cash equivalents 8 130 11 353 16 500Total Current Assets 25 597 42 187 34 028Total Assets 41 612 79 563 51 434</p><p>EQUITY AND LIABILITIESCapital and ReservesIssued capital 348 348 348Share premium 11 871 11 871 11 871Treasury shares (197) (197) (197)Share based payment reserve 1 181 279 757Retained earnings 16 765 41 249 14 705Total equity attributable to equity holders of the parent 29 968 53 550 27 484Non-controlling interest - 4 724 -Total Equity 29 968 58 274 27 484Non-Current LiabilitiesDeferred tax liability 40 - -Total Non-Current Liabilities 40 - -Current LiabilitiesDeferred revenue 1.3 420 3 537 9 098Trade and other payables 1.4 11 184 17 752 14 852Total Current Liabilities 11 604 21 289 23 950Total Equity and Liabilities 41 612 79 563 51 434</p><p>Net asset value per share (cents) 86.4 168.1 79.3Net tangible asset value per share (cents) 48.1 82.2 38.6</p></li><li><p>CO</p><p>ND</p><p>ENSE</p><p>D U</p><p>NA</p><p>UD</p><p>ITED</p><p> INTE</p><p>RIM</p><p> GRO</p><p>UP </p><p>FIN</p><p>AN</p><p>CIA</p><p>L ST</p><p>ATEM</p><p>ENTS</p><p> for t</p><p>he 6</p><p> mon</p><p>th p</p><p>erio</p><p>d en</p><p>ded </p><p>31 D</p><p>ecem</p><p>ber 2</p><p>011</p><p>4</p><p> Share based Non- Issued Share Treasury payment Retained controlling Total capital premium shares reserve earnings Total interest equity R000 R000 R000 R000 R000 R000 R000 R000Balance at 1 March 2010 348 11 871 (197) 91 41 798 53 911 3 881 57 792Total comprehensive income for the period Profit or loss - - - - 1 136 1 136 843 1 979Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - 1 136 1 136 843 1 979Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 188 - 188 - 188Dividend paid by holding company - - - - (1 685) (1 685) - (1 685)Total contributions by and distributions to owners - - - 188 (1 685) (1 497) - (1 497)Changes in ownership interests in subsidiaries that do not result in a loss of control Total transactions with owners - - - 188 (1 685) (1 497) - (1 497)Balance at 31 August 2010 348 11 871 (197) 279 41 249 53 550 4 724 58 274Total comprehensive income for the period Profit or loss - - - - (24 233) (24 233) (325) (24 558)Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - (24 233) (24 233) (325) (24 558)Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 501 - 501 - 501Minority interest in dividend payment by subsidiary - - - - - - (2 450) (2 450)Dividend payment by holding company - - - - (1 733) (1 733) - (1 733)Transfer of reserve of share options that did not vest - - - (23) 23 - - -Total contributions by and distributions to owners - - - 478 (1 710) (1 232) (2 450) (3 682)Changes in ownership interests in subsidiaries thatdo not result In a loss of control Acquisition of 49% non-controlling interest - - - - (601) (601) (1 949) (2 550)Total transactions with owners - - - 478 (2 311) (1 833) (4 399) (6 232)Balance at 30 June 2011 348 11 871 (197) 757 14 705 27 484 - 27 484Total comprehensive income for the period Profit or loss - - - - 2 060 2 060 - 2 060Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - 2 060 2 060 - 2 060Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 424 - 424 - 424Total contributions by and distributions to owners - - - 424 - 424 - 424Changes in ownership interests in subsidiaries thatdo not result In a loss of control Total transactions with owners - - - 424 - 424 - 424Balance at 31 December 2011 348 11 871 (197) 1 181 16 765 29 968 - 29 968</p><p>UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYfor the 6 month period ended 31 December 2011</p></li><li><p>CO</p><p>ND</p><p>ENSE</p><p>D U</p><p>NA</p><p>UD</p><p>ITED</p><p> INTE</p><p>RIM</p><p> GRO</p><p>UP </p><p>FIN</p><p>AN</p><p>CIA</p><p>L ST</p><p>ATEM</p><p>ENTS</p><p> for t</p><p>he 6</p><p> mon</p><p>th p</p><p>erio</p><p>d en</p><p>ded </p><p>31 D</p><p>ecem</p><p>ber 2</p><p>011</p><p>5</p><p> Share based Non- Issued Share Treasury payment Retained controlling Total capital premium shares reserve earnings Total interest equity R000 R000 R000 R000 R000 R000 R000 R000Balance at 1 March 2010 348 11 871 (197) 91 41 798 53 911 3 881 57 792Total comprehensive income for the period Profit or loss - - - - 1 136 1 136 843 1 979Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - 1 136 1 136 843 1 979Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 188 - 188 - 188Dividend paid by holding company - - - - (1 685) (1 685) - (1 685)Total contributions by and distributions to owners - - - 188 (1 685) (1 497) - (1 497)Changes in ownership interests in subsidiaries that do not result in a loss of control Total transactions with owners - - - 188 (1 685) (1 497) - (1 497)Balance at 31 August 2010 348 11 871 (197) 279 41 249 53 550 4 724 58 274Total comprehensive income for the period Profit or loss - - - - (24 233) (24 233) (325) (24 558)Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - (24 233) (24 233) (325) (24 558)Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 501 - 501 - 501Minority interest in dividend payment by subsidiary - - - - - - (2 450) (2 450)Dividend payment by holding company - - - - (1 733) (1 733) - (1 733)Transfer of reserve of share options that did not vest - - - (23) 23 - - -Total contributions by and distributions to owners - - - 478 (1 710) (1 232) (2 450) (3 682)Changes in ownership interests in subsidiaries thatdo not result In a loss of control Acquisition of 49% non-controlling interest - - - - (601) (601) (1 949) (2 550)Total transactions with owners - - - 478 (2 311) (1 833) (4 399) (6 232)Balance at 30 June 2011 348 11 871 (197) 757 14 705 27 484 - 27 484Total comprehensive income for the period Profit or loss - - - - 2 060 2 060 - 2 060Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - 2 060 2 060 - 2 060Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 424 - 424 - 424Total contributions by and distributions to owners - - - 424 - 424 - 424Changes in ownership interests in subsidiaries thatdo not result In a loss of control Total transactions with owners - - - 424 - 424 - 424Balance at 31 December 2011 348 11 871 (197) 1 181 16 765 29 968 - 29 968</p></li><li><p>CO</p><p>ND</p><p>ENSE</p><p>D U</p><p>NA</p><p>UD</p><p>ITED</p><p> INTE</p><p>RIM</p><p> GRO</p><p>UP </p><p>FIN</p><p>AN</p><p>CIA</p><p>L ST</p><p>ATEM</p><p>ENTS</p><p> for t</p><p>he 6</p><p> mon</p><p>th p</p><p>erio</p><p>d en</p><p>ded </p><p>31 D</p><p>ecem</p><p>ber 2</p><p>011</p><p>6</p><p> Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 December 31 August 30 June 2011 2010 2011 R000 R000 R000Cash (utilised)/generated from operations (6 626) 1 334 17 704Interest received 81 231 396Interest paid (36) (1) (14)Minority interest in dividends paid by subsidiary - - (2 450)Taxation paid (754) (903) (2 821)STC paid - - (500)Net cash (outflow)/inflow from operating activities (7 335) 661 12 315Cash flows from investing activities Plant and equipment acquired to expand operations (1 055) (1 440) (2 174)Proceeds from sale of equipment 20 - 55Acquisition of Ones &amp; Zeros - - (600)Capitalisation of development costs - (2 300) (5 797)Net cash outflow from investing activities (1 035) (3 740) (8 516)Cash flows from financing activities Dividends paid to equity holders of the parent - - (1 731)Net cash outflow from financing activities - - (1 731) Net (decrease)/increase in cash and cash equivalents (8 370) (3 079) 2 068Cash and cash equivalents at the beginning of the period 16 500 14 432 14 432Cash and cash equivalents at the end of the period 8 130 11 353 16 500</p><p>UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWSfor the 6 month period ended 31 December 2011</p></li><li><p>CO</p><p>ND</p><p>ENSE</p><p>D U</p><p>NA</p><p>UD</p><p>ITED</p><p> INTE</p><p>RIM</p><p> GRO</p><p>UP </p><p>FIN</p><p>AN</p><p>CIA</p><p>L ST</p><p>ATEM</p><p>ENTS</p><p> for t</p><p>he 6</p><p> mon</p><p>th p</p><p>erio</p><p>d en</p><p>ded </p><p>31 D</p><p>ecem</p><p>ber 2</p><p>011</p><p>7</p><p> Imple- Research Software mentation Support and Consulting rental Total services services development Income &amp; other R000 R000 R000 R000 R000 R000 Unaudited 6 months ended 31 December 2011 Total revenue 47 578 20 567 9 184 - 660 **17 167Segment revenue inter-company - - - - - -Segment revenue external 47 578 20 567 9 184 - 660 17 167Direct segment co...</p></li></ul>

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